Property values growth shrinks projected shortfall in Tampa
June 7, 2013 Tampa Bay Times
TAMPA — Growth in property values is making it easier for City Hall to balance next year's budget.
Chief financial officer Sonya Little told the City Council on Thursday that the city is looking to close a revenue shortfall of $11.9 million as it puts together the budget that takes effect Oct. 1.
That's significantly less than the city's initial estimate of $19.2 million, and it's largely due to better-than-expected growth in property values.
After initially estimating that property values would grow 3 percent this year, Hillsborough County Property Appraiser Bob Henriquez now is looking at a 5.4 percent increase. In Tampa, values appear to be up 5.7 percent compared with 2012 — the biggest increase in the county.